Abu Dhabi fund targets startups through 'Bedaya Fund'
This will identify promising startups and provide them easier access to capital
Abu Dhabi: The Abu Dhabi Investment Office has invested in the Bedaya Fund to ease access to capital for promising startups in Abu Dhabi. The Dh18.4 million investment will accelerate the Fund’s support to Abu Dhabi-based companies.
ADIO, the government hub supporting private sector investment in the emirate, is investing through its Dh535 million Ventures Fund, which was launched in May last year as an initiative of Ghadan 21, Abu Dhabi’s accelerator programme.
The Dh147 million Bedaya Fund is operated by Abu Dhabi-based venture capital firm Shorooq Partners. It represents a continuation of Shorooq’s strategy of investing in seed-stage companies, and guiding them to pre-series A, Series A and beyond.
The Bedaya Fund, meanwhile, has a wider mandate and focuses on investments in the Middle East.
“There is no shortage of talent here, and given the right access to capital, networks and mentorship, they can achieve great success on the global stage,” said Mahmoud Adi, founding Partner of Shorooq Partners.
“We are proud to be the only Emirati-founded venture capital fund in Abu Dhabi, and we will continue to work closely with key stakeholders across the emirate’s innovation ecosystem.”